This standard applies to the accounting of tangible fixed assets
This standard applies to the accounting of tangible fixed assets, except where other accounting standards permit the application of other accounting principles and methods to tangible fixed assets.
03. Where other accounting standards prescribe methods of determining and recognizing the initial value of tangible fixed assets other than the methods defined in this standard, other contents of tangible fixed asset accounting shall still comply with the regulations of this standard.
04. Enterprises must apply this standard even when they are affected by price changes, except otherwise prescribed by State decisions related to the re-appraisal of tangible fixed assets.
05. For the purpose of this standard, the terms used herein are construed as follows:
Tangible fixed assets means assets in physical forms which are possessed by the enterprises for use in production and business activities in conformity with the recognition criteria of tangible fixed assets.
Historical cost means all the costs incurred by the enterprises to acquire tangible fixed assets as of the time of putting such assets into the ready-for-use state.
Depreciation means the systematic allocation of the depreciable value of tangible fixed assets throughout the useful life of such assets.
Depreciable value means the historical cost of tangible fixed assets recorded on financial statements, minus (-) the estimated liquidation value of such assets.
Useful life means the duration in which the tangible fixed assets produce their effect on production and business, calculated by:
a/ The duration the enterprise expects to use the tangible fixed assets, or:
b/ The volume of products, or similar calculating units which the enterprise expects to obtain from the use of assets.
Liquidation value means the value estimated to be obtained at the end of the useful life of the assets, after subtracting the estimated liquidation cost.
Reasonable value means the value of assets, which may be exchanged among knowledgeable parties in the par value exchange.
Residual value means the historical cost of tangible fixed assets after subtracting the accumulated depreciation thereof.
Recoverable value means the value estimated to be obtained in future from the use of the assets, including their liquidation value.
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The Ministry of Finance shall take charge and cooperate with relevant authorities
Responsibility for the state administration related to the foreign trade.
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